Scotland's business community has responded with predictable stoicism to the possibility of a second independence referendum while judiciously welcoming indications that Holyrood will continue to engage with Westminster on the UK's withdrawal from Europe.

Citing on-going constitutional uncertainty in a period of falling confidence and rising costs, various business organisations said there is little appetite among their members for a second referendum. But with stability the watchword, all want to see a continuing Scottish presence at the centre of the Brexit process.

Liz Cameron , chief executive of the Scottish Chambers of Commerce (SCC), said there are “vital years” ahead for the future of the UK and Scottish economy. After two referendums and two major elections in a span of three years, there “is no doubt” this has had a material impact upon businesses north of the Border.

“These are real and present business issues that are affecting business decisions and investment,” Cameron said.

“A further referendum on Scotland's independence would be no different, and the more that can be done to mitigate the duration of this uncertainty, the better.

Liz Cameron. chief executive, Scottish Chambers of Commerce: ''The more that can be done to mitigate the duration of this uncertainty, the better"

''The Scottish Chambers of Commerce network will continue our process of engagement with business across Scotland to understand how this prospect could affect them and how their voices can be most effectively articulated during this process.”

Hugh Aitken , director of the Confederation of Business Industry (CBI) in Scotland, said the country's firms have performed with resilience since the EU referendum.

In an already uncertain environment, their priority remains clarity as soon as possible on what a Brexit deal will look like.

“What's important is that the needs of Scotland – and the other devolved nations – are heard and understood in the discussions on the UK's future relationship with Europe,” he added. “That's where the CBI's focus will be.

“The Scottish and UK Governments must continue to work together, with business, to ensure the best deal from the negotiations for Scottish firms, and this work should continue as a matter of priority.”

The head of the Institute of Directors (IoD) in Scotland said few in the business community wanted Brexit, “and equally” few want a renewed independence referendum.

“The modern world presents a multitude of opportunities for businesses to innovate and prosper, and this rather than constitutional arguments is the preferred focus of IoD members,” David Watt said.

“However, if the political will is to move forward with another vote, business will react appropriately and continue to face up to the challenges that such political activity presents.”

The head of the Institute of Directors in Scotland David Watt: ''If the political will is to move forward with another vote, business will react appropriately''

A survey conducted after last year's Scottish Parliament elections – but before the poll on Europe – found “very little appetite” for another referendum among the approximately 19,000 members of the Federation of Small Business (FSB) in Scotland.

“Of course, there's a lot more going on now – in terms of faltering confidence and rising costs – than there was last May,” FSB policy convenor Andy Willox said. “What we don't know is if these changes have shifted views on way or the other, but I daresay that will become apparent in the weeks and months ahead.”

David Lonsdale , director of the Scottish Retail Consortium (SRC), said his organisation will work with its members to better understand the implications of this latest development.

“The retail industry is going through an unprecedented period of transition as it adapts to changes in consumer behaviour and technological innovation,” Lonsdale said.

“The fundamental nature of this change means retailers are very conscious of economic and political events which can further affect their business. If there is to be a further referendum on Scottish independence then there will be an undoubted thirst for clarity over what it all means and what the ultimate economic impact will be.”

David Lonsdale, director of the Scottish Retail Consortium: "If there is to be a further referendum on Scottish independence then there will be an undoubted thirst for clarity''

The SCC's Cameron said the focus of both the Scottish and UK governments should be to provide as much certainty, stability and confidence as possible going forward.

“The message from Scottish Chambers of Commerce members has been clear and consistent – our priority must be to create the conditions that will enable businesses to thrive,” she said.

“That means focus and resources must be directed towards greater strategic infrastructure investment, developing the skills we need to sustain growth, fair business taxation that does not limit entrepreneurship and investment, and clear guidance on entering and trading in overseas markets – all of which must have a clear evidential basis. These are the priorities for business and must be for our Governments too.”

Dean Turner, economist at UBS Wealth Management, said the First Minister's announcement hinges upon the ''fear that the Scottish people’s concerns are being overlooked in the UK’s Brexit negotiations''.

''Yet for an independence referendum to result in a different outcome three years on, Sturgeon will need to provide greater clarity on the economic challenges an independent Scotland may face,'' he said.

“If the 2014 vote is any indication, a second referendum is most likely to be won or lost on account of voters’ economic concerns.

“While Brexit has, of course, added a new dimension, the economic concerns that led the majority in Scotland to vote to remain a part of the UK have not disappeared.

''Scottish GDP lags behind the UK and declining oil revenues have raised questions over the fiscal sustainability for an independent Scotland – especially if it intends to retain the pound.

''While EU membership may provide Scotland with a preferable trade agreement, carving a new membership would be no mean feat and the UK still remains Scotland’s largest trading partner.

“Market reaction to Sturgeon’s speech has been muted so far, most likely because she still has a long way to go to achieve approval for a second referendum and the announcement was well-flagged. Yet if approval becomes increasingly likely, we expect volatility in sterling to rise.”